Licensed Financial Services

Licensed Financial Services regulates collection agencies, community currency exchanges, sales finance companies, adjustment service companies, sellers of checks, insurance premium finance companies, and payday lenders. It also regulates motor vehicle dealers, recreational vehicle dealers and manufactured home dealers that originate retail installment sales contracts and consumer leases.

• Visit the Wisconsin Department of Health Services (DHS) website for the most up-to-date information on COVID-19.

COVID-19 Information & Resources

• DFI Issues Guidance on Adjustment Service Companies (Issued April 29, 2020).
• The Licensed Financial Services Section within the Division of Banking is willing to work with licensees who are taking measures in response to the outbreak of COVID-19 that involve relocating employees or licensable activities. Specific requests may be submitted for approval to dfi_lfs@wi.gov.

Frequent Links

• Cybersecurity 101 – a resource developed by the Conference of State Bank Supervisors intended to be an easily-digestible, non-technical reference guide to help executives develop a comprehensive, responsive cybersecurity program in line with best practices
• Ransomware Self-Assessment Tool – a resource developed by the Conference of State Bank Supervisors in conjunction with the Bankers Electronic Crimes Taskforce and the United States Secret Service which contains important controls that all types of companies should use to assess their efforts to mitigate risks associated with ransomware and to identify opportunities for increasing security
• Federal Trade Commission’s Cybersecurity for Small Business Resources – a set of cybersecurity resources developed in partnership with the National Institute of Standards and Technology, the U.S. Small Business Administration, and the Department of Homeland Security
• Search the Licensee Lists
• View Administrative Orders Issued
• Information to File a Complaint

Licensees

• Adjustment Service Companies -- Help consumers with budgeting and debt resolution options
• Currency Exchanges -- Cash checks for a fee
• Collection Agencies -- Hired by creditors to collect outstanding debt
• Insurance Premium Finance Companies -- Finance insurance premiums
• Loan Companies -- Offer loans with an interest rate greater than 18%
• Payday Lenders -- Offer payday loans to consumers
• Sales Finance Companies -- Acquire installment sales contracts and consumer leases
• Sellers of Checks -- Transmit money and/or sell or issue checks, including money orders, traveler's checks and prepaid cards